TY - JOUR
T1 - An analysis of socio-economic determinants affecting retirement adjustment and life satisfaction among public retirees in the Klang Valley
AU - Jakit, Fathin Hanani Abdul
AU - Ghani, Judhiana Abd
AU - Hamid, Tengku Aizan Ab
AU - Mazlan, Nur Syazwani
N1 - Funding Information:
This study was supported in part of a collaborative effort of the Malaysian Research Institute of Ageing (MyAgeingTM), UPM with Kumpulan Wang Persaraan (KWAP).
Publisher Copyright:
© International Journal of Economics and Management.
PY - 2023
Y1 - 2023
N2 - Malaysia is projected to become an ageing nation by 2045. Given this unfavourable demographic trend, this ageing phenomenon poses a number of socio-economic challenges as longevity rises over time and lengthens the time spent in retirement. Using the Structural Equation Modelling (SEM), the objective of this study was to determine the socio-economic factors affecting the retirement adjustment and subsequently examine the impact of those factors on life satisfaction among public retirees during their retirement. Despite the common beliefs, retirement is associated with productive aging rather than being a burden on society and the country. This study employed secondary data from a survey of public retirees in Malaysia's largest urbanised region, the Klang Valley, which represented 23% of all public retirees in the country from October 2017 to February 2018. The results show that income, healthcare, and retirement readiness have significant impacts on retirement adjustment, which in turn partially mediates life satisfaction. The findings are expected to support the policymakers in developing a retirement framework that prioritises the needs of Malaysian retirees. Policymakers should consider marketing strategies that utilise the right communication tools, visuals, and consistent language to ensure that public retirees adjust effectively during the retirement phase and pursue a greater sense of life satisfaction.
AB - Malaysia is projected to become an ageing nation by 2045. Given this unfavourable demographic trend, this ageing phenomenon poses a number of socio-economic challenges as longevity rises over time and lengthens the time spent in retirement. Using the Structural Equation Modelling (SEM), the objective of this study was to determine the socio-economic factors affecting the retirement adjustment and subsequently examine the impact of those factors on life satisfaction among public retirees during their retirement. Despite the common beliefs, retirement is associated with productive aging rather than being a burden on society and the country. This study employed secondary data from a survey of public retirees in Malaysia's largest urbanised region, the Klang Valley, which represented 23% of all public retirees in the country from October 2017 to February 2018. The results show that income, healthcare, and retirement readiness have significant impacts on retirement adjustment, which in turn partially mediates life satisfaction. The findings are expected to support the policymakers in developing a retirement framework that prioritises the needs of Malaysian retirees. Policymakers should consider marketing strategies that utilise the right communication tools, visuals, and consistent language to ensure that public retirees adjust effectively during the retirement phase and pursue a greater sense of life satisfaction.
KW - Health care
KW - Income
KW - Life satisfaction
KW - Retirement adjustment
KW - Retirement readiness
UR - http://www.scopus.com/inward/record.url?scp=85172310725&partnerID=8YFLogxK
U2 - 10.47836/ijeam.17.2.03
DO - 10.47836/ijeam.17.2.03
M3 - Article
AN - SCOPUS:85172310725
SN - 1823-836X
VL - 17
SP - 177
EP - 195
JO - International Journal of Economics and Management
JF - International Journal of Economics and Management
IS - 2
ER -